Business Support

Business Finance

InvestSK can offer you FREE independent business support, advice and property searches. At InvestSK, we know that all businesses need finance. You will be familiar with bank loans, overdrafts and credit cards, but the options available – and suitable – for your business may well fall outside of these more traditional forms of funding. Some types of funding are explained below:

Grants

A grant is financial assistance given by an organisation, such as a local authority or central government, to an eligible business or individual. While not readily available for all types of business or at every stage of a company’s growth, grants can be a really useful form of funding. Grants come in two main varieties: 100% funding for costs such as one-off projects (a large capital purchase or hiring a business strategy consultant, for example) or as part of match-funding where the grant can provide a percentage of the associated costs.

Grants are often provided to encourage businesses to take up more sustainable equipment or practices and manage resources more effectively, or to encourage innovation in certain sectors and stimulate the growth of SMEs. While the availability of grant funding is limited, we can offer you the best route to finding available schemes and put you in touch with relevant funding bodies. Some grants available include:

The LEADER Programme – This programme is a well-established Rural Development Programme that provides funding to local businesses, farmers, land managers and communities in South Kesteven to create jobs and growth. To find out more about the programme contact www.lincolnshire.gov.uk/kestevens

The Greater Lincolnshire LEP. If you want support and advice to grow your business, please visit their Growth Hub www.businesslincolnshire.com that lists all of the grants and loans that are available in the area, particularly for small and medium sized businesses.

Start-Up Loans Company – a government backed scheme set up in 2012 to help new and early stage UK businesses access affordable finance and mentoring support. They offer low interest loans to fund business ideas. For more information visit: https://www.startuploans.co.uk

Business Growth Fund – established in 2011 to help Britain’s growing smaller and medium sized businesses. Their mission is to unlock the potential of fast-growing UK businesses that need long-term capital to drive their future success and work collaboratively with the organisations they invest in: http://www.businessgrowthfund.co.uk/

Other forms of funding for your business include:

Debt funding

While we’re all familiar with bank-based overdrafts and loans, debt funding refers to far more than you might think. It includes start-up loans and revenue based funding, to asset-backed finance and hire purchase, there are a wealth of options available to fund specific projects and equipment, help with cash-flow or to expand and grow your business.

Equity funding

Instead of taking on debt, you could look to an investor to help fund your business growth. Unlike debt, equity finance can give your business the cash injection it needs without the burden of regular repayments, although that’s not to say it’s without risk or commitment. Whether it’s an early stage angel investor you’re after, or more established venture capital and private equity, contacts us for more information.

Crowdfunding

Crowdfunding works by accessing small amounts of money from a lot of individual investors which, when added together, equates to a large funding pool. This type of funding is usually accessed via an online portal which allows people to pitch their business idea and attract investment.

Like other forms of finance, crowdfunding can be in the form of equity or debt, but it can also take the form of donation or reward funding where the investor donates to a cause or business they believe in, or where they receive a reward for the investment – which is typically related to the product or service the company is offering. There are many well established crowdfunding platforms available and we will be happy to help your business find the right one.

Business rates and taxes

Here are some useful resources for questions you have on business rates and taxes

South Kesteven District council understands the importance of supporting local businesses and organisations to promote and facilitate economic growth, employment and investment to improve the district. Information on South Kesteven’s Mandatory and discretionary rate relief policy can be downloaded here.

HMRC – your business plan will need to allow for business rates, tax and other charges payable to employees and the government. You can check local business rates with Fenland District Council and national tax rates and payment dates with HM Revenue & Customs (HMRC) call 0845 302 1453 or visit: www.hmrc.gov.uk

Business Rates – Non-domestic rates are the way in which businesses and other occupiers of non-domestic property contribute toward the cost of local authority services. The Valuation Office Agency (VOA) is responsible for assessing all business and non-domestic property in England and Wales, giving each one a rateable value. If you have reason to believe your rateable value is incorrect, you should contact the VOA as soon as possible. Contact your local office and talk to someone on the business rates team. www.voa.gov.uk

Business Startup Support

If you are looking to start up a business, we have put together some useful links below. If you can’t find the information you need please contact Tom on 01476 406176 or tom@investsk.co.uk

The Government’s business support helpline offers help on starting and running a business. You can contact them Monday to Friday, 9am to 6pm on 0300 456 3565. For more details about business and self-employment, visit their website: https://www.gov.uk/browse/business. For further information on how the Business Support Helpline can help your business visit www.gov.uk/business-support-helpline

Recruitment, Skills and Staff Development

At InvestSK we understand that your organise is only as strong as your work force. South Kesteven can offer your business a motivated and enthusiastic talent pool. South Kesteven has a number of outstanding schools as well as four top class universities within 45 minutes.

The Skills Service has a dedicated expert working in the South Kesteven area to provide a brokerage service between businesses and education providers. The teams helps with local employers’ skills issues to make sure you have access to a work-ready talent pool. By working together with the support of The Skills Service, businesses and education providers are inspiring local young people to help teach them about the world of work and their future career opportunities. Click here to watch a video about the work of The Skills Service. For further information about how The Skills Service can help your business, visit www.theskillsservice.co.uk

Jobcentre Plus provides employability support to people out of work and assists many local businesses with their recruitment needs. They can post details of all local vacancies on the DWP’s national Universal Jobmatch website.

BEIS – The government’s Department for Business, Energy & Industrial Strategy has a range of online tools for businesses and useful information on subjects such as wages, employee leave and funding opportunities. For further information on how BEIS can help your business visit www.bis.gov.uk

For more information on recruitment and skills requirements please contact us at info@investsk.co.uk